After witnessing a huge contraction in export orders for the past few months, Indian micro, small and medium enterprises (MSMEs) the actual export sector will quickly receive much needed relief.
In an attempt reduce the economic pressure, the United Progressive Alliance (UPA) led government recently unveiled a special package worth Rs 325 crore in order to supply relief to the export segment. This move is likely to benefit the employment-intensive export sectors such as leather, gems & jewelery and textiles.
Under the new package, procedural formalities for claiming duty drawback refund and refund of terminal excise duty have been simplified to help MSME exporters prune high transaction price.
Measures like quick settlement of duty credit scrips to be issued ahead of the realization of export proceeds and extension of scrips for import of even restricted items after payment of duty is expected to facilitate greater promote.
In order market trade facilitation, the government has also extended a provision to scale back export obligations using the decline in exports.
Export incentives for such things technical textiles, stapling machine and handmade carpets are also provided as part of the recently announced export package deal.
The de-linking of grant of benefit under the obligation entitlement pass book (DEPB) scheme one more incentive that may help the MSME export segment tide over the continued crisis.
SSI Online Application in India order to promote trade facilitation, the government has also extended a provision to reduce export obligations in line with decrease in exports.
Export incentives for stuff like technical textiles, stapling machine and handmade carpets are also provided contained in the recently announced export package deal.